Financing Decision in Shipping Supply Chain in Context of Digital Transformation
Shipping is the main transportation mode for global trade,and also an important support for China to improve comprehensive national strength,participate in international governance,and safeguard its national interests.Freight forwarding enterprises is a hub connecting the supply side and demand side of the shipping supply chain by buying ship spaces from shipping companies and reselling them to shippers,which can promote the exchange and integration of commodities,funds,information and talents,and facilitate in-ternational trade.However,in the shipping process,freight forwarding enterprises need to advance the ship-ment and related expenses.Moreover,due to the long distance and capital turnover time of international shipping,freight forwarding enterprises have high demand for working capital and need support in financing.The arrival of the digital age has brought changes and challenges to the traditional shipping industry,and shipping enterprises have begun the process of digital transformation.In such light,supply chain internal fi-nancing is a good way-out for capital-straitened freight forwarding enterprises.However,when internal fi-nancing cannot meet the capital demand of the enterprises,external financing must be introduced in the sup-ply chain to alleviate the capital pressure.In the context of digital transformation of the shipping companies,we studied the shipping supply chain with financially constrained freight forwarding enterprises,proposed three financing models,namely bank fi-nancing,deferred payment financing and mixed financing,constructed the profit function models under dif-ferent financing models and obtained the equilibrium decisions.Through theoretical analysis and numerical simulation,we discussed the influence of various factors on the optimal decision index and profit,and proposed the optimal financing strategy for shipping companies and freight forwarding enterprises in the shipping supply chain.The result showed that(1)the level of digital transformation and enterprise profit are negatively affected by increase in bank financing rate and digital transformation cost coefficient,but positively by improvement of shipper's digital awareness.The two indexes are not affected by delayed payment financing rate in the de-layed payment financing mode,but are positively so in the mixed financing mode.(2)under the mixed fi-nancing model,shipping companies and freight forwarding enterprises prefer higher proportion of delayed payment financing.(3)delayed payment financing mode is the optimal financing mode for shipping compa-nies and freight forwarding enterprises alike.The above research results provide reference for the financing strategy selection of the digital shipping sup-ply chain,and contribute substantially to improving the resilience and security of the shipping supply chain.
万方数据
维普
